148th
GENERAL ASSEMBLY
FISCAL
NOTE
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DESCRIPTION: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE AND THE LAWS
OF DELAWARE RELATING TO UNCLAIMED PROPERTY.
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ASSUMPTIONS:
1.
This
legislation modifies Delaware’s unclaimed property laws in accordance with
several recommendations made by the Unclaimed Property Task Force which was
formed by Senate Concurrent Resolution No. 59 of the 147th General
Assembly.
2. Effective from the date of enactment,
this legislation shortens the “look back” period in Delaware for new unclaimed
property audits from 1986 to 1991.
Effective January 1, 2017, the “look back” period is further shortened
to 22 years from the date the audit commences.
3. According to the Department of
Finance, unclaimed property audits take approximately 3 years to complete. The Department estimates that a shortened
look back period will start to decrease revenues in 2018 and estimates a range
of $1,000,000 to $3,000,000 revenue loss.
Further revenue losses will increase as the look back period is
shortened. For Fiscal Year 2019, the
Department estimates a potential revenue loss of $5,000,000 to $10,000,000.
Revenue
Loss:
Fiscal Year 2016 $0
Fiscal Year 2017 $0
Fiscal Year 2018 Estimated Range of $1 million to $3
million
Office of
Controller General
(Amounts are shown in whole dollars)
June 18,
2015
CAS:CAS
4431480011